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16 units in URA’s Kai Tak development sold in open market sale

The Urban Renewal Authority (URA) today (Thursday) sold all 16 units in its Kai Tak development in the open market at the prevailing market prices. 

Interested parties who have submitted to the URA the Registrations of Intent by 24 April 2017 were invited to the Sales Office at No.6 Fuk Tsun Street in Tai Kok Tsui today (27 April 2017) for flat selection and purchase according to the order of priority determined by balloting conducted on 25 April 2017. 

The URA has entered into preliminary agreements for sale and purchase (PASP) with the respective purchasers of all 16 units.  It targets to complete the assignment of the properties with the respective purchasers 90 days after signing of the PASP. 

The 16 flats range from 442 square feet to 562 square feet in saleable area, comprising 1 one-bedroom and 15 two-bedroom units.  The selling prices range from $6.967 million to $8.98 million, or about $15,043 to $16,450 per square foot in saleable area.  In compliance with the Residential Properties (First-hand Sales) Ordinance, the URA earlier uploaded the sales brochure and price list to the Kai Tak development website (www.urakaitak.hk) and the Sales of First-hand Residential Properties Electronic Platform. 

The URA's Kai Tak development occupies a site of about 61,290 square feet, and provides a total of 484 flats, among which 338 were allocated for the URA's Subsidised Sale Flat (SSF) Scheme in response to the policy initiative announced in the 2015 Policy Address of the Chief Executive to increase the supply of subsidised sale flats, and 146 flats designated for the URA's Flat-for-Flat Scheme for eligible owner-occupiers affected by its redevelopment projects.  A total of 322 flats at discounted prices subject to income and asset limits and resale restrictions under the SSF Scheme were sold in 2016.  The remaining 16 SSF flats were sold to the public in the open market at the prevailing market prices today. 

The URA's Kai Tak development, which adopts a modest and sustainable design approach, has achieved the BEAM Plus Provisional 'Platinum' rating from the Hong Kong Green Building Council and the Grand Award in the Green Building Award 2016. 

(ENDS)